De Canio took over the club in October 2007

First team coach Luigi de Canio has left Queens Park Rangers with immediate effect by "mutual consent".

The Championship club, who have major financial backing, say they will announce a successor in "due course".

Italian De Canio was appointed in October 2007 and signed a three-year deal at the Loftus Road outfit.

"The club would like to place on record its thanks to Luigi for his contribution to QPR," said a club statement on their website.

"We wish him all the best for a successful future.

"Mr De Canio also wanted to express his gratitude for the opportunity to manage QPR and also for the fantastic experience he had during his time in England.

606: DEBATE What do you think of De Canio's exit?

"The club will be making no further statement at this stage."

De Canio joined QPR after spells at Udinese, Napoli, Reggina, Genoa and Siena.

The club were struggling at the bottom end of the Championship when he took over and he eventually led them to 14th place.

He now leaves with the club's wealthy owners of Flavio Briatore and Bernie Ecclestone - as well as the son-in-law of Indian steel magnate Lakshmi Mittal - set to fund a spending spree to launch a promotion assault next season.